Novo's 2025 revenue reached DKK 309 billion

Novo Nordisk, the maker of Ozempic and Wegovy, reported 2025 sales of DKK 309.06 billion, up 6% in kroner and 10% at constant exchange rates, landing within the company's own guidance ^[1][2]. The gain was driven largely by obesity care, which grew 31% at constant currencies, while sales of GLP-1 diabetes products such as Ozempic rose 6% ^[1].

Operating profit for the year came in at DKK 127.66 billion, down 0.5% in kroner but up 6% at constant exchange rates ^[1]. Excluding roughly DKK 8 billion in one-time costs tied to a company-wide restructuring, operating profit growth would have been 13% at constant rates ^[1]. Net profit reached DKK 102.43 billion, up 1.4% ^[1]. Fourth-quarter sales were DKK 79.14 billion (about $12.5 billion), down 7.6% from a year earlier but still ahead of analyst estimates ^[1][2]. Ozempic's full-year sales totaled DKK 127.09 billion, and Wegovy's fourth-quarter sales were DKK 21.86 billion, both beating forecasts ^[1]. U.S. sales grew 8% at constant exchange rates for the year, while sales outside the U.S. grew 14% ^[1].

Despite the record 2025 total, Novo warned that 2026 could look very different. The company projects sales and operating profit will both decline between 5% and 13% at constant exchange rates this year — which, if it happens, would be Novo's first annual sales drop in nine years ^[1][2]. Analysts had expected a much smaller decline of roughly 1% to 3% ^[1]. Novo's U.S. shares fell as much as 14% after the news, and Danish-listed shares had already fallen nearly 47% to 49% over 2025, depending on the source, making it the worst year in the company's history ^[1][2].

Novo said the 2026 outlook reflects an expected sales decline in the U.S., its largest market, alongside continued growth outside the U.S. ^[1][2]. Two forces are driving the U.S. hit: a "most-favored-nation" pricing agreement Novo struck with the Trump administration, which lowers list prices for Medicare, Medicaid and a forthcoming discount website called TrumpRx.gov, and the loss of patent protection for semaglutide in Canada, Brazil and China during 2026 ^[1][2]. CEO Mike Doustdar said the company expects "pricing headwinds in an increasingly competitive market" but remains confident it can keep growing patient volumes even as average prices fall ^[2].

Why it matters for patients

For people taking or considering semaglutide, the pricing shifts described in this report point toward potentially lower U.S. list prices in 2026, since Novo itself says the government pricing deal and expanded discount channels are expected to cut into its revenue even as more patients are covered ^[1][2]. Novo says it expects the overall GLP-1 market to keep expanding, meaning it is planning to reach more patients even while collecting less money per prescription ^[1][2]. The company also pointed to early demand for its oral Wegovy pill, launched January 5, 2026, which reached about 50,000 weekly prescriptions by January 23, largely through the out-of-pocket, self-pay channel ^[1]. That suggests a growing option for patients paying without insurance, though the sources do not give specific dollar prices consumers are paying.

What happens next

Novo said it plans to introduce Wegovy in more countries in 2026 and roll out a higher 7.2 mg dose in several markets ^[1][2]. The company also expects 2026 regulatory decisions on its hemophilia drug Mim8 and the obesity drug CagriSema, along with Phase 3 trial results for two other experimental drugs ^[1]. Novo's board will propose a final 2025 dividend of DKK 7.95 per share, bringing the year's total to DKK 11.70 per share, for a vote at the annual shareholder meeting on March 26, 2026 ^[1].